QQQ (31 October)

QQQ’s consistent alignment above the 50d MA since May confirms an established primary uptrend

• Each time QQQ has pulled back toward or slightly below the midline, it’s rebounded - a classic envelope rhythm
  
• The current setup favors rotation or sideways digestion rather than reversal, unless price breaks below $600 decisively
  
• QQQ is extended, so a brief pause or small pullback wouldn’t invalidate the uptrend
  

QQQ is testing the upper +3% boundary - a region that often acts as a momentum area in a healthy uptrend

• Sustained trading above that upper band would indicate a very strong bull phase (think “trend expansion”)
  
• A drift sideways or small pullback to the midline (~$610-$615) would be perfectly normal
  

1. Strong Uptrend, Well-Contained in Channel

• The price has been trending cleanly above its midline (50d MA) since May
  
• The shaded envelope shows QQQ hugging the upper band, which typically signals trend strength, not exhaustion; unless, it flattens and price rolls over
  

2. $629-$637 Resistance Cluster

• This is a psychological round number zone & aligns with the measured handle breakout level from the 4H chart
  
• A few consecutive candles stalling just under the top band implies controlled profit-taking, not heavy selling
  

3. Structure Suggests “Bull Flag on the Daily”

• The shallow pullback around $589, $620 to $637 has flag-like proportions
  
• If QQQ holds above $620 into early next week & breaks $637 with volume, it would confirm a bullish continuation pattern
  
• $637 + ($637 – $589) ≈ $685-$690 medium-term
  

4. Momentum

• The trend’s slope has accelerated since early October; often, a late-stage trend characteristic, but there’s no clear topping structure
  
• RSI (4H chart) is near 66, meaning there’s still room before overbought extremes on the daily frame
  

Bullish Continuation

• Break & close >$637
  
• Strong QQQ/tech rally post-FOMC & Trump-Xi
  
• $660–$685
  

Sideways Hold

• $620–$637 range holds
  
• Consolidation before next leg
  
• Neutral to bullish bias
  

Bearish Pullback

• Daily close <$620
  
• Short-term correction to 50d MA (~$612)
  
• $600-$610 support
  

The daily and 4H trends are aligned bullishly with consolidation just below last week's highs & catalysts (FOMC, Trump–Xi & earnings) is healthy

• If macro tone is calm or dovish, odds favor a November breakout leg